By Matteo Castia
DCC PLC said Monday that it has expanded its liquefied petroleum gas business with the acquisitions of propane supplier NES Group in the U.S. and energy company Primagaz Nederland BV in the Netherlands.
The sales, marketing and support services group said the combined enterprise value of the two transactions is approximately 60 million pounds ($77.5 million).
The company said NES is DCC LPG's second material bolt-on acquisition in the U.S. market and the first one in the northeast of the country.
NES will "provide a platform for further development in a region characterized by strong underlying demand for propane," DCC said.
The company said it has bought Primagaz from SHV Energy, the energy business of private trading group SHV Holdings NV. "The business is highly complementary to DCC LPG's existing business in the Benelux region," DCC said. It added that it expects the transaction to be completed in the fourth quarter of the fiscal year ending March 31, 2021.
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